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House Financial Services Committee Begins Discussions on Stablecoins
Members of the House Financial Services Committee discussed payment stablecoins with crypto and banking executives.
Legislation under consideration includes:
The discussion highlights ongoing disagreements over US stablecoin regulation. The GENIUS Act, set for mark-up on Thursday, proposes reserve and anti-money laundering requirements for overseas issuers.
Both the GENIUS Act and STABLE Act aim to delineate authority between federal and state regulators.
During the hearing, Rep. Maxine Waters criticized the Trump administration's approach, advocating for strong and fair regulation of stablecoins. Trump anticipates a stablecoin bill by August, but passage through both chambers remains uncertain.
